Truecaller (Buy, TP: SEK48.00) - CPM causing short-term headache
Ad market spending in India was down significantly in Q4, leading us to cut our estimates. However, with subscriber intake solid and Truecaller for business expanding according to plan, we do not believe the medium-term case is broken. We reiterate our BUY but have cut our target price to SEK48 (55).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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